VANCOUVER, July 24, 2017 /CNW/ - Grande West Transportation Group Inc. (TSXV: BUS; OTC PINK: GWTNF) – July 24, 2017: ("Grande West" or the "Company"), a Canadian bus manufacturer of heavy-duty mid-sized transit buses for sale in Canada and the United States, is pleased to announce a management update on Vicinity bus deliveries during the second quarter ended June 30, 2017, as well as second quarter earnings release date.
The Company delivered a record number of thirty two buses (32) in the second quarter. These record deliveries will result in Grande West's first profitable quarter.
Management is targeting delivery of a minimum of two hundred (200) Vicinity buses during 2017.
Along with reaching profitability and record deliveries, management is pleased with the Company's Vancouver-based assembly and inspection process. These processes have now been tested and confirmed during ramped up deliveries in the first half of the year. This faster pace of deliveries will continue throughout the third and fourth quarters and we will continue to implement process improvements as we optimize our methods and practices. These actions and lessons learned will be directly applicable to the Atlanta Buy America facility to ensure that operations there are ramped up smoothly and with the highest quality.
Taras Kindzersky, COO of Grande West stated, "We are extremely pleased in achieving record deliveries for the quarter, close to matching all deliveries during the 2016 calendar year. Our new systems for streamlining pre-delivery inspections and deliveries have been successful and continue to improve. I am very proud of our operational team's drive and enthusiasm in scaling up to the next level. Building on second quarter successes is setting us up for continued record deliveries moving into the coming quarters."
Second quarter financial results will be announced before market open on August 17, 2017. A conference call to discuss these results will be held the same day at 8:00 AM PST / 11:00 AM EST. The call-in number is (866) 215-5508 or (514) 841-2157 and can be accessed by entering passcode 45310688. A recording of the call will be available on the website shortly after.
About Grande West Transportation Group
Grande West Transportation Group is a Canadian bus manufacturer which designs, engineers and manufactures mid-size buses for transit authorities and commercial enterprises. Grande West's Best-in-Class rated Vicinity bus is available in 27.5', 30' and 35' models designed with affordability, accessibility and global responsibility in mind. It costs significantly less than a regular 40' transit bus, burns less fuel and emits less harmful emissions.
The Company has been successful in supplying Canadian municipal transportation agencies and private operators with new buses and is receiving follow-on orders in many Canadian transit agencies. Grande West is Buy America compliant, and along with ABG, its exclusive US distributor, has sold Vicinity buses to US–based public and private operators and is actively pursuing more opportunities throughout the US.
Neither the TSX-V nor its Regulation Service Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements
This press release includes certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements") within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein, including without limitation, statements regarding the use of proceeds from the Private Placement, are forward-looking statements. Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible", and similar expressions, or statements that events, conditions, or results "will", "may", "could", or "should" occur or be achieved. Forward-looking statements involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements.
Important factors that could cause actual results to differ materially from Grande West's expectations include uncertainties relating to the receipt of final approval from the TSX-V; and other risk and uncertainties disclosed in Grande West's reports and documents filed with applicable securities regulatory authorities from time to time. Grande West's forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made. Grande West assumes no obligation to update the forward-looking statements or beliefs, opinions, projections, or other factors, should they change, except as required by law.
SOURCE Grande West Transportation Group Inc.
For further information: Grande West Transportation, John LaGourgue, Ph: 604-607-4000, [email protected], www.grandewest.com